Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 10A

10A Who is a related entity

(1) A person is a
"related entity" for another person if—

(a) for individuals—they are members of the same family; or

(b) for an individual and a corporation—the individual or a member of the individual’s family—

(i) is a majority shareholder, director or secretary of the corporation or a related body corporate of the corporation; or

(ii) has an interest of 50% or more in the corporation; or

(c) for an individual and a trustee of a trust—the individual or a related entity under another provision of this section is a beneficiary of the trust; or

(d) for corporations—they are related bodies corporate; or

(e) for a corporation and a trustee of a trust—the corporation or a related entity under another provision of this section is a beneficiary of the trust; or

(f) for trustees of 2 or more trusts—

(i) a person is a beneficiary of both trusts; or

(ii) a person is a beneficiary of 1 trust and a related entity under another provision of this section is a beneficiary of the other trust.

(2) Also, a person is a
"related entity" for another person if the persons acquire interests in a land holding trust and the acquisitions form, evidence, give effect to or arise from what is substantially 1 arrangement.

(3) In this section—

"family" , for a person, means—

(a) the person’s spouse; or

(b) a parent of the person or the person’s spouse; or

(c) a grandparent of the person or the person’s spouse; or

(d) a brother, sister, aunt, uncle, nephew or niece of the person or the person’s spouse; or

(e) a child of the person or the person’s spouse; or

(f) a grandchild of the person or the person’s spouse; or

(g) the spouse of any person mentioned in paragraphs (b) to (f) .

"land holding trust" see the Duties Act 2001 , schedule 6 .

"related bodies corporate" means bodies corporate that are related under the Corporations Act , section 50 .